If you’re thinking of taking your first steps into the brave new world of selling blockchain verified goods, don’t worry. We’ve got you. Here’s a rundown of a few things that set OpenSea apart when it comes to listing NFTs…
1. OpenSea has the lowest fees in the NFT space!
We take 2.5% of sales that happen on OpenSea. This is the lowest fee in the space among all major marketplaces, with some platforms collecting up to 7.5%. Moreover, we have no service fee for buyers, while others charge up to 3% on top of the sale price. On OpenSea, what you see is what you get.
Non-crypto marketplaces for digital assets like Gumroad charge nearly 3x that 2.5% figure and eBay takes about 12% of your profits!
Blockchains and digital currencies heavily reduce the fees involved with trading digital goods.
2. The most configurable auctions: highest-bid, declining-price, and more
OpenSea allows you to set different types of listings for your ERC721 NFTs and ERC1155 items:
- Fixed-price listings: the simplest sale you can make. Pick a price, pick a currency, and pick an expiration date (optional).
- Declining-price listings: choose a start price, an end price, and a duration. The price will decline over time until it reaches the end, allowing you to appeal to eager buyers and sell for above-market prices.
- Highest-bid auctions: organically discover market prices for your items with English auctions. Pick a reserve price (new!), set a duration, and whoever puts in the highest bid will win the item as long as it’s above your reserve.
Note: even if you don’t list your items for sale, buyers can still make offers on your items. OpenSea will email you if the offer is above your configured threshold.
💡 Tip: with English (highest-bid) auctions, start the bidding at $0 and wait for those early offers to generate some buzz. It’s now possible to add a reserve price to your listings if you’re worried about items going on the cheap.
💡 Another tip: you can even list items at auction with NFTs you’ve acquired or listed on other marketplaces, just as long as they remain in your wallet! OpenSea is open in every sense.
3. Sell in custom currencies, including your own
OpenSea allows you to change the cryptocurrency you accept when selling your items. This includes stablecoins (pegged to $1 USD) and an ever-increasing number of social currencies. There are currently 241 payment options on the platform!
By default, items sell for Ethereum (ETH), but other popular coins include:
- DAI and USDC, both reliably pegged to $1 USD, and useful if you don’t want to worry about price fluctuations
- MEME, part of the Meme collection and usable for staking rewards
- WHALE, a social token powering a community-driven NFT collective
- REVV and SAND, in-game currencies, usable for F1 Delta Time and The Sandbox, respectively
- MANA, Decentraland’s in-game currency
- wBTC, a type of Bitcoin that’s usable with Ethereum items!
If you have your own ERC20 currency, we can add it as a payment option so that you and any other storefront manager can enable it for sellers and bidders! Just contact us on Discord if you’d like to see it on OpenSea.
4. Gas-free transactions for highest-bid auctions!
When you sell an item to the highest bidder (English auctions), there are no gas fees to worry about for yourself or the buyer. OpenSea will pay the gas to execute the transfer!
This means that you can trade items without paying an Ethereum gas fee. (Note that we might wait until gas prices aren’t exorbitant to transfer bundles.)
💡 Tip: you can accept the highest bid whenever you want to, and cancel auctions entirely. Sellers are in control.
5. We’re one of the few marketplaces that let you bundle NFTs
It’s possible to bundle up to 30 items and sell them in one go! Just head to https://opensea.io/account?select=sell or visit your account page and select the NFTs you’d like to list.
💡 Tip: bundles of up to 15 items can be auctioned to the highest bidder as well.
6. Safety has always been our top priority
OpenSea has the longest-running safelist of NFT collections, dating back to December 2017. These are smart contracts that the OpenSea team has inspected and verified as authentic and legal.
If a store has been vetted and approved by the OpenSea team you’ll see a blue checkmark next to the collection name at the top of the item page. Well known accounts can also get a blue checkmark, and we’ve added creator addresses above item descriptions for an extra layer of verification.
💡 Tip: If you see a JOYWORLD or $MEME NFT, check the storefront name at the top. If it says Rarible, for example, it’ll show a warning icon and in these cases, it’s fake! You can flag fake and inappropriate items using the Report button (top right of the item page), and OpenSea will quickly take them down.
7. The stats
- We’ve spent 78 ETH on gas for our users!
- October 2020 was our best ever in terms of monthly sales volume, with over $5m passing through the marketplace.
- August saw the “sex.crypto” domain sell for 230 ETH ($90k)! Our highest-ever secondary sale for a single item.
- Our largest primary sale was F1 Delta Time’s “1-1-1” car, which sold at auction to the highest-bidder for 415.9 ETH ($113,000) on May 27, 2019.
- Our main trading smart contract has done $28,200,000 in volume at the time of writing (live and public tracker here), the highest of all NFT marketplaces.
You’re in good company selling on OpenSea! Head to your account page to get started, and check out our detailed Welcome to OpenSea guide if you’re unsure on next steps. For those looking to turn a profit, here are some advanced tips on how to make money on OpenSea.
Here are the links to the NFTs on show in the cover image! (Top to bottom, left to right).
“Dead pixel” – PixelChain
“This Is America” – Josie
“Riddle Me This” – Osinachi
“Neymar 2020-21 • Unique” – Sorare
“Handsome Bob” – Axie Infinity
“Unlearn – 2017” – Frenetik Void x MakersPlace
“01.png” – Mushbuh x SuperRare
“Cat Eyes – Halloween 2020” – Decentraland Wearables
“Suspension and Disconnect.” – Giant Swan x SuperRare
“Equilibrium Party” – Frenetik Void
“CryptoPunk #3432” – CryptoPunks
“Terminus II” – Pak x MakersPlace
“Hackmeow-Tao” – Hackatao x Async Art
“We Will Continue To Fight” – Gary Cartlidge x Known Origin
“Avastar #11042” – Avastars
“Celestial Emissary” – beyondbola x SuperRare